Overview
imec.xpand is an independent Venture Capital fund that operates in close partnership with imec, the world-leading nanoelectronics research center in Leuven. The fund was created to commercialize breakthrough research emerging from imec's labs and partner ecosystem.
Fund II, closed in 2024 at EUR 300M, makes it one of the largest dedicated deep-tech funds in Belgium. The portfolio spans semiconductors, photonics, and nanotechnology, with 23 portfolio companies that have collectively raised over EUR 1.5B.
Portfolio
- Swave Photonics - Holographic display technology
- Vertical Compute - Semiconductor architecture
- Eyeo - Optoelectronics
Investments
Swave Photonics
Swave Photonics is a Leuven-based deep-tech startup that raised EUR 43M to develop holographic display chips enabling high-quality augmented reality glasses.
Aerospacelab
Aerospacelab is a Charleroi-based satellite manufacturer founded in 2018 that has raised EUR 131M and is building what it describes as Europe's largest satellite factory, targeting 500 satellites per year.
Vertical Compute
Vertical Compute is a Leuven-based imec spin-off developing vertically integrated AI compute and memory hardware, having raised EUR 57M in seed funding in January 2025.
- EEyeo
Eyeo is a Leuven-based imec spin-off using color-splitting photonics technology to build ultra-compact imaging sensors, having raised EUR 15M in May 2025.
In the news
- This Thursday, our Partner Cyril Vančura will take part in the panel discussion at MicroLED Connect in Eindhoven. The topic: “Betting on AR: uLED Momentum, Tier-1 Reality, and the Case for Consolidation.” Cyril will share his perspective alongside Steven Konsek, Flo Pattiwael and Marco Cravetto. Attending MicroLED Connect? Make sure to catch the discussion. #MicroLEDConnect #PanelDiscussion #HighTechCampus MicroLED Connect + AR/VR Connect
- Euclyd raises over €200 million to build ultra-efficient AI infrastructure As AI becomes more powerful and is deployed at ever greater scale, the infrastructure required to run it is becoming one of the industry’s biggest challenges. EUCLYD is building a new computing platform designed to address this challenge. Rather than improving a single component, the company is rethinking how processors, memory and datacenter systems work together, with the ambition to dramatically reduce the energy, cost and physical footprint required
- Big news for our portfolio company Aerospacelab🛰️ Aerospacelab has secured a € 2,4 billion contract to build 264 satellites for IRIS², Europe’s sovereign satellite constellation. In less than a decade, the company has grown from an ambitious startup into a key player in the European space industry. Congratulations to Benoît Deper and the entire Aerospacelab team! #SpaceTech #Satellites #IRIS2 #GrowingTogether
- Boldly going where few European scale-ups have gone before. 🖖🚀 Aerospacelab has been awarded a €2.4 billion contract to deliver 264 satellites for IRIS², Europe’s new sovereign satellite constellation. A remarkable achievement for Benoît Deper and his team and a powerful demonstration that Europe can build a new generation of technology companies capable of competing and delivering at global scale. Congratulations to the entire team. We are proud to be part of your journey!
- Great news: our portfolio company LUMA Vision has secured FDA clearance for its VERAFEYE platform. VERAFEYE supports physicians throughout a cardiac procedure. It builds a live 2D and 3D map of the heart, its vessels and surrounding structures, giving cardiologists a continuous view of what is happening as they treat the patient. The clearance is an important step towards the commercial launch of VERAFEYE in early 2027. Congratulations to Fionn Lahart and the entire LUMA Vision team! #FDAclearance #CardiacImaging #imaging #cardiology
- Houston, we have a solution.” Very proud to see Aerospacelab selected as a key industrial manufacturer for the deployment of IRIS², Europe’s sovereign secure-connectivity constellation. This is a major milestone for Aerospacelab, and an important step toward building critical European space infrastructure with European technology, manufacturing and ambition. Congratulations to Benoît Deper and the entire Aerospacelab team. The next chapter is going to be a good one.
- Rule #1 of venture capital: never invest in a company that wins an award. Nevertheless, we’re very proud to see Aerospacelab and VerticalCompute nominated for the Private Equity Awards by Private Capital Belgium. A huge congratulations to both teams and thank you to the jury for the recognition. Very well deserved. We sincerely hope you don’t win. 😉
- Onera Health wins Red Dot Design Award 🔴 Our portfolio company Onera Health has been awarded the prestigious Red Dot Product Design Award 2026 for its home sleep diagnostics solution Onera hPSG. The Red Dot Award recognizes more than aesthetics. It celebrates products that successfully combine innovation, functionality, and user experience. The jury praised the product for translating complex sleep diagnostics into a wearable, easy-to-use system that enables low-threshold application. Congratulations to CEO Ruben de Francisco and
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